RRE Appraisal Threshold Increase - Published?

Posted By: NoJustNo

RRE Appraisal Threshold Increase - Published? - 10/02/19 02:07 PM

Okay... dumb question of the day. What's the easiest way to tell if/when this rule has been published in the Federal Register?
Posted By: rlcarey

Re: RRE Appraisal Threshold Increase - Published? - 10/02/19 02:40 PM

Watch the FR: https://www.govinfo.gov/app/collection/FR/
Posted By: NoJustNo

Re: RRE Appraisal Threshold Increase - Published? - 10/02/19 03:55 PM

So with this being issued jointly, we look under any of the agencies for publication?
Posted By: NoJustNo

Re: RRE Appraisal Threshold Increase - Published? - 10/03/19 03:16 PM

Anyone? Again, sorry if this is a stupid question....
Posted By: rlcarey

Re: RRE Appraisal Threshold Increase - Published? - 10/03/19 03:38 PM

Yes
Posted By: Dan Persfull

Re: RRE Appraisal Threshold Increase - Published? - 10/08/19 12:39 PM

Final Rule published in today's Federal Register.

https://www.govinfo.gov/content/pkg/FR-2019-10-08/pdf/2019-21376.pdf
Posted By: MBTCompliance

Re: RRE Appraisal Threshold Increase - Published? - 10/08/19 12:59 PM

Does this mean we do not have to wait until January 1 to accept evaluations on residential properties less than $400,000?
Posted By: rlcarey

Re: RRE Appraisal Threshold Increase - Published? - 10/08/19 01:09 PM

This final rule is effective on October 9, 2019, except for the amendments in instructions 4, 5, 9, 10, 14, and 15, which are effective on January 1, 2020.
Posted By: MBTCompliance

Re: RRE Appraisal Threshold Increase - Published? - 10/08/19 01:17 PM

I cannot access the Federal Register document to see those instructions you named.
Posted By: rlcarey

Re: RRE Appraisal Threshold Increase - Published? - 10/08/19 01:26 PM

Try a different browser.
Posted By: John Burnett

Re: RRE Appraisal Threshold Increase - Published? - 10/08/19 01:36 PM

Try the Web version at https://www.federalregister.gov/d/2019-21376.
Posted By: MBTCompliance

Re: RRE Appraisal Threshold Increase - Published? - 10/08/19 06:05 PM

Am I reading it correctly? It appears to me the rule raising the exemption to $400,000 goes into effect tomorrow, but at the same time it says evaluations will be required beginning January 1. So, we cannot accept evaluations on these properties until January 1?
Posted By: ahou

Re: RRE Appraisal Threshold Increase - Published? - 10/08/19 06:55 PM

III. Effective Date
All provisions of the rule, other than the evaluation requirement for transactions exempted by the rural residential appraisal exemption and the requirement to subject appraisals to appropriate review for compliance with USPAP (as discussed below) are
effective the first day after publication of the final rule in the Federal Register.
Posted By: John Burnett

Re: RRE Appraisal Threshold Increase - Published? - 10/08/19 07:12 PM

After tomorrow's amendments, 225.63(b) -- in FRB Reg Y and in differently numbered sections of the OCC and FDIC rules -- will still read: "(b) Evaluations required. For a transaction that does not require the services of a State certified or licensed appraiser under paragraph (a)(1), (a)(5), (a)(7), or (a)(14) of this section, the institution shall obtain an appropriate evaluation of real property collateral that is consistent with safe and sound banking practices."

As of 1/1/20, that gets changed to: "(b) Evaluations required. For a transaction that does not require the services of a State certified or licensed appraiser under paragraphs (a)(1), (5), (7), (14), or (15) of this section, the institution shall obtain an appropriate evaluation of real property collateral that is consistent with safe and sound banking practices."

The only thing that changes is that the eval paragraph will apply to properties exempted under the rural residential exemption. And you already have the option of doing evals on those properties. The 1/1/20 amendment makes it mandatory.